Removing Barriers Blog

Comments submitted to CFPB in response to RFI on Tech Sprints
Posted November 08, 2019 by CUNA Advocacy

CUNA submitted comments to the Consumer Financial Protection Bureau (CFPB) in response to their Request for Information Regarding Tech Sprints. Tech Sprints gather regulators, technologists, financial institutions, and subject matter experts from key stakeholders for several days to work together to develop innovative solutions to clearly-identified challenges. These initiatives have been used by the Financial Conduct Authority (FCA) in the United Kingdom and several non-financial U.S. regulators, including the Census Bureau and Department of Health and Human Services.

CUNA supports the CFPB’s innovation initiatives, as long as credit unions are given an equal voice in these efforts.

In the letter, “CUNA supports the CFPB’s potential use of Tech Sprints as a method to encourage regulatory innovation and collaborate with stakeholders to address regulatory compliance challenges. However, CUNA strongly recommends the Bureau ensure credit unions are appropriately represented in any future Tech Sprint since credit unions, as the only not-for-profit financial cooperatives in the market, have unique needs and perspectives on regulatory burden and innovation.”